Auto parts maker Lear Corp avoided a proxy battle with investors Marcato Capital Management LLC and Oskie Capital Management LLC by agreeing to increase and quicken the pace of its share buyback program and add a board member.The company, which repurchased $200 million of its shares in the first three months of 2013, said it would purchase back the remaining $800 million in its program in the next 12 months. Lear had earlier said it would complete the program by the end of 2014.Lear also said it would start on a new $750 million buyback program soon after the current plan ended."Over the past two years, Lear has returned more cash to shareholders through dividends and share repurchases as a percentage of our market capitalization than any of our automotive supplier peers," Chairman Henry Wallace said in a statement.
Lear Corporation is a tier 1 supplier to the global automotive industry. Shares of LEA traded higher by 1.17% or $0.64/share to $55.51. In the past year, the shares have traded as low as $34.81 and as high as $56.70. On average, 1080100 shares of LEA exchange hands on a given day and today's volume is recorded at 289241.
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